Victor Gao
Special to CNN

U.S. President Barack Obama's upcoming visit to China will take place at an extraordinary historic moment. For the first time since the Industrial Revolution, two of the three largest economies in the world are now in northeast Asia. Furthermore, all signs seem to indicate that China may surpass Japan, either this year or no later than 2010, as the second-largest economy in the world.

The economic disparity between China and the United States is at its narrowest since the founding of New China in 1949, and the gap is closing rapidly. For the first time in memory, China, as a developing country with a relatively low per capita income, has become the largest creditor nation to the United States, the only remaining superpower in the world.

The United States is still very much mired in the wars in Iraq and Afghanistan, is still struggling to get out of the financial crisis and is searching for growth that can provide jobs. By comparison, China is enjoying political stability, high growth at home and robust international relations abroad. While the United States has seemed to worry about not having enough enemies in the world, China is rarely tired of seeking as many friends as possible in the world. As the largest trading nation in the world, China is fast becoming a leading champion of free trade and market economics.

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